T-Mobile: change family plan = new two year agreement

I'm currently paying $150 for two lines, which comes with 3000 minutes and 5GB of 4G speeds. Since I don't even use half of that, I'm thinking of switching to the $120 plan that comes with 1000 minutes and 2GB of 4G speeds.

Now when switching plans on T-Mobile, they require a new two year contract. How does this affect my current contract? Does it add two years on my remaining contract, or just resets back to two years? Also how about my upgrades? I'm eligible for upgrades in Feb 2013.

So basically, do I switch plans now and save $30 a month. Or do I wait for Feb and upgrade my phones, then switch plans?

Why not switch to a Value Plan? You get 2 lines with unlimited talk, unlimited text + 2GB data per line for $100/mo.

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I'm still on contract, so I wouldn't be able to switch to a Value Plan would I? If I could switch to a Value Plan right now and save $50 a month, I'll jump right on it.

Also, if I'm going to sign another two year agreement, I would rather get some new phones.

My question is, If I switch to a cheaper classic plan now, I will have to sign another two years. Does this two years affect my upgrades in Feb 2013? Should I wait till Feb 2013, upgrade my phones, then switch plans?

I'm still on contract, so I wouldn't be able to switch to a Value Plan would I? If I could switch to a Value Plan right now and save $50 a month, I'll jump right on it.

Also, if I'm going to sign another two year agreement, I would rather get some new phones.

My question is, If I switch to a cheaper classic plan now, I will have to sign another two years. Does this two years affect my upgrades in Feb 2013? Should I wait till Feb 2013, upgrade my phones, then switch plans?

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You can switch to a value plan while on a two-year contract. It costs $200 if switching within the first 7 months of your contract. Support: Migrating to Value Plans

When I switched my family plan about a year ago (didn't even really switch plans, just added a discount because of my employer at the time) I had to renew my 2 year contract. Basically my contract started again from that day, however it did not affect my upgrade date at all.